Chartered Accountants Act, 1949
29. Reciprocity
(1) Where any country, specified by the Central Government in
this behalf by notification in the Official Gazette, prevents persons of Indian
domicile from becoming members of any institution similar to the Institute of
Chartered Accountants of India or from practicing the profession of accountancy
or subjects them to unfair discrimination in that country, no subject of any
such country shall be entitled to become a member of the Institute or practice
the profession of accountancy in India.
(2) Subject to the provisions of sub-section (1), the Council
may prescribe the conditions, if any, subject to which foreign qualifications
relating to accountancy shall be recognized for the purposes of entry in the
Register.